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STEEP Analysis: Small Business And Environmental Factors

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STEEP analysis
Environmental factors refer to external influences on a business. Usually, there are four factors affect businesses in different ways: social, legal, political and economic.
STEEP refer to: Social, Technological, Economical, Environmental and Political. The STEEP is a tool to help you think about the issues that have an impact on the business. S: Social
Ahmad should study the demographics in the target market such as age range, gender specific also; he should study the life style, social and cultural values, consumer behavior and advertising. For example, the workforce of UAE comprised mainly of expatriates, specially Indians and it could be cause of decreasing the business expenses.
T: Technological the speed development in …show more content…

For example, companies which use natural resources to predict goods should dedicate a great amount of time to examining the ecological environment of country in which the business offering goods or services.
P: Political Political factors include areas such as law, legal environmental, trade restriction, health, safety and political stability. For example, if a company failure to adapt to the legal and political environment, it will result too costly problems to deal with.

Question 2
The benefits of small business and its role in general for the growth and development of a nation
A small business is a privately owned and operated business. A small business normally has a small number of employees.
Small businesses create an important share of new jobs. Other benefits appear:
• Developing personal relationship. The small businesses can be well placed to build personal relationship with employees, customer and suppliers. In small business you know who you are dealing with and it is important to building strong relationship.
• responding flexibly to problems and challenges, for example, Small businesses can make a quick decision on whether or not it can do what is

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